CCR Declines as Folha Reports Sao Paulo to Cut Road Tolls by 20%

CCR SA (CCRO3), the manager of Sao Paulo
state’s main highways, fell after newspaper Folha de S.Paulo
reported that it reached an agreement with the government to
reduce tolls as much as 20 percent.

Shares slumped 1.8 percent to 20.26 reais at 2 p.m. in Sao
Paulo. It was the second-worst performance on the benchmark
Bovespa index, which rose 2 percent.

Sao Paulo Governor Geraldo Alckmin may announce the reduced
tolls next month, Folha reported, without saying where it got
the information. CCR’s press office in an e-mailed response to
questions said the company “is always willing to find solutions
that benefit and improve services to clients.” It didn’t say if
it plans to lower the road-use fees. Artesp, the agency that
administers highway concessions, didn’t respond to a phone call
seeking comment.

CCR manages the roads that connect the state capital to its
second-biggest city, Campinas, and Sao Paulo to Rio de Janeiro.
The shares have gained 4.4 percent this year while the Bovespa (IBOV)
slumped 7.7 percent.